German Parliament to vote on deal to trim Greece’s debt load, keep country afloat

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German Finance Minister Wolfgang Schaeuble gestures during his speech as part of a meeting of the German federal parliament, Bundestag, in Berlin, Germany, Friday, Nov. 30, 2012. (AP Photo/Michael Sohn)

BERLIN – Germany’s finance minister is urging lawmakers to support a deal to trim Greece’s debt load and keep the struggling country afloat financially.

The deal reached by European finance ministers Tuesday paves the way for Greece to receive €44 billion ($57 billion) in critical rescue loans. It also includes measures including a debt buyback program and an interest rate cut on loans to reduce Greece’s debts.

Germany’s Parliament has to approve eurozone rescue measures. Bailing out Greece and others hasn’t been popular in Germany and there has been growing unease in Chancellor Angela Merkel’s coalition, but a solid majority is expected Friday. Two opposition parties are expected to vote in favour.

Finance Minister Wolfgang Schaeuble says blocking loan payouts would have “consequences not just for Greece but the whole of Europe.”

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